Value is a social relationship that is formed between people and is only effective there.
Value is based on needs, weighted needs. But before the exchange there is only the expected value. The potential goods and the potential value equivalent are reference points of a value relationship and thus also of value.
With the exchange, the potential commodity becomes a real one and the potential value equivalent also becomes a real one. In this way, the work done for the commodity is recognized to the extent of the value equivalent as socially useful and at the same time as „value-creating“. The work was socially useful because the result becomes a use value for others through the exchange.
- Value is a social relationship. This is formed between people and it only works between people, the value specifically between exchange partners.
- Goods and value equivalents are reference points for a value relationship and thus of value.
- Values cannot be produced. Only the reference points of value relationships and thus of values can be produced as potential goods. Only the market can show whether value relationships and thus values with regard to these reference points are formed and how they are formed.
- Value as a social relationship has subjective components because it works between people. However, value must also have an objective part, since it has an effect beyond a single individual, namely on the social level.
The objective element of value is the common value of the buyer and seller. The subjective elements of value are the individual reflections of this objective value quantity in the exchange partners buyer and seller.
- Value is assigned to the goods and the value equivalent in the case of exchange.
- Before the exchange, there can only be an expected value in the form of the offer price, with which the work product is linked and brought onto the market.
- The producers of potential goods are workers whose rights to Means of subsistence (received in return for their labour) are linked to the potential goods as a claim to an equivalent value.
- People, machines and, in certain cases, nature are used as labour powers.
Note: if nature is used as labour, the means of subsistence are in many cases not paid or no replacement is provided.
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